Airtel Africa is now Nigeria’s largest publicly traded company. This was the same company that nearly packed up and left the continent a few years ago. What happened?
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Update: The company’s performance has been solid; from Premium Times.
Airtel Africa recorded an earnings spike that helped its after-tax profit almost double to more than half a billion dollars in the nine months to December, according to its unaudited earnings report issued Friday.
Airtel jumped 9.99 per cent to N1,398 per unit in Lagos at 10:54 WAT in Lagos on Friday, following the news.
Revenue leapt 21.7 per cent to $3.5 billion, drawing support from its data business, whose contribution to turnover in constant currency approached one-third of Airtel’s turnover.
A rapid acceptance of mobile money services in its Nigerian, East African and Francophone Africa markets means earnings from that income source, now at $406 million, accelerated at the rate 37.2 per cent when set beside the figure posted a year earlier.
The future of earnings for the telco will be substantially shaped by its mobile money business which, having been spun off from its regular operation after hitting a valuation of $2.65 billion last March, pooled $550 million from investors as varied as Mastercard, Qatar Investment Authority, Chimera Investment LLC and San Francisco-based TPG in less than nine months.
Profit before tax for the period stood at $894 million compared to the $482 million posted in the relative period of 2020.
Profit after tax spiralled by 97.3 per cent to $514 million. It was $261 million a year earlier.
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